Bank Nifty Continue to Hold on to Gann Angle

  • As Discussed in Last Analysis  High made today was 27342 so bulls were unable to break 27360 but also failed to do target of 27072 and formed DOJI near gann angle as shown in below chart as 25 Is important time cycle date so expect good move in next 2 days  Bulls will get active above 27360 for a move back to 27504/27648, Bears will need to break 27216 for a move back to 27072/27000/2692. Bulls got whipsawed but bears did the low of 27045 near our 2 target of 27000 and we also got big move as per expectation Bulls will get active above 27210 for a move back to 27300/27433/27540. Bears will get active below 26990 for a move back to 26920/26774.  Intraday time for reversal can be at 10:14/1:25/2:58. Is Trading the most difficult profession ?

  • Bank Nifty Jan Future Open Interest Volume is at 17.5 lakh with liquidation of  0.24 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27033 closed above it.
  • 27500 CE is having highest OI @11.6 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 10 Lakh in OI so bears added  position  in the zone of 27500-27800.
  • 27000 PE is having highest OI @8.4 Lakh, strong support at 27000 followed by 26900.26000-28000 PE added 5.5 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27200 Tgt 27300,27360 and 27444 (Bank Nifty Spot Levels)

Sell below 27072 Tgt 27000,26920 and 26810 (Bank Nifty Spot Levels)

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